Transcript for Credit card debt piles up post holidays
Back now with Americans spending more this holiday season than they have in years. And now those credit card bills are coming due. Here’s erielle reshef with tips to pay down these bills. It’s your money. Reporter: The holidays may be over, but tonight, those credit card bills, now piling up. Americans racking up an average of $1,230 of debt this season, 5% more than last year. And with credit card interest rates at a record high, here are some of the ways experts say you can start paying off that plastic. Tap with your Mastercard. Reporter: First, know what you owe. And stop using cards with an outstanding balance until they’re entirely paid off. You want to pay more than the minimum, so that you can start bringing that balance down. Reporter: If your credit is good, experts say consider transferring the balance to a card that offers an introductory 0% interest period, and limited, or no balance transfer fees. And don’t forget, you can negotiate with your credit card company. Say something like, I’ve been a loyal customer in good standing for the past five years, can you offer me a lower interest rate? Reporter: Experts say people with debt across multiple credit cards should pay down the card with the highest interest rate first. And as you said, you can always negotiate. You can. Erielle, thanks so much.
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